UK credit card management app Cardeo is closing its doors after failing to find fresh investment to keep the firm afloat.
Established in 2020, Cardeo used open banking data to consolidate consumer credit card debt. Users of the app could set repayment targets and receive alerts when monthly bills were due. The company made its money by offering credit lines that undercut the interest charged to customer cards.
In a statement on its website, the firm says: "Unfortunately, we have not been able to secure the investment required to continue as a business. Our mobile app will shut down on 9 November 2023."
Customers have been advised to make alternative arrangements for repaying their credit cards as it will no longer be possible to make payments through the Cardeo app.